JEDDAH, 7 March 2004 — Basil Al-Ghalayini, CEO of BMG, has announced that he does not want to be considered for the position of secretary-general of the Arab British Chamber of Commerce (ABCC). He was the Saudi nominee for the post. He feels he needs to devote all his time to his BMG Financial Group, particularly at present, given its plan to convert into an investment company under the new Saudi Capital Markets Law.
Al-Ghalayini was nominated for the post last November and his chances of being elected were seen as good, in part because of the Kingdom’s close trade relationship with the UK but also because of the Kingdom’s significant contribution, around 40 percent, to ABCC’s budget.
“I have mixed feelings about my decision, but I expressed my reasons to the Secretary General of the Council of Saudi Chambers of Commerce and to several members of the ABCC regarding BMG’s current situation and its vital need for my hands on attention on BMG,” Al Ghalayini said. He added “I will continue my support to ABCC and will consider joining the board if I add value”.
In pulling out, Al-Ghalayini had cleared the way to other candidates including the other Saudi nominee, businessman Mustafa Al-Hujailan.
